2016 Marginal Tax RatesTax Rate10%15%25%28%33%35%39.6%2016 Marginal Tax Rates, Standard Deductions, and ExemptionsMarried and each partnerfiles a separate tax returnMarried and bothpartners file a singletax returnMarried Filing Separatelyup to $9275$9276 to $37,650$37,651 to $75,950$75,951 to $115,725$115,726 to $206,675$206,676 to $233,475more than $233,475$6300Married Filing Jointlyup to $18,550$18,551 to $75,300$75,301 to $151,900$151,901 to $231,450$231,451 to $413,350$413,351 to $466,950more than $466,950$12,600$4050$4050Unmarried, divorced,or legally separatedSingleup to $9275$9276 to $37,650$37,651 to $91,150$91,151 to $190,150$190,151 to $413,350.$413,351 to $415,050more than $415,050$6300StandardDeductionExemptions (per $4050person)Unmarried and payingmore than half the costof supporting a childor parentHead of Householdup to $13,250$13,251 to $50,400$50,401 to $130,150$130,151 to $210,800$210,801 to $413,350$413,351 to $441,000more than $441,000$9300$4050- X Use the 2016 marginal tax rates to compute the income tax owed by the following person.Single male, no dependents.Gross income:$87,000Adjustments: $4000Deductions:$29,000 mortgage interest$4009 property taxes$1000 charitable contributionsTax credit:nonei Click the icon to view the 2016 marginal tax rates.The income tax owed is $.(Type an integer or a decimal. Round to the nearest cent as needed.)HE

Income tax owed is the value which is computed after applying the tax rate on the taxable income.…

Use the 2016 marginal tax rates to compute the income tax owed by the following person. Single male, no dependents. Gross income:$87,000 Adjustments:$4000 Deductions:$29,000 mortgage interest $4009 property taxes $1000 charitable contributions Tax credit:none Click the icon to view the 2016 marginal tax rates. The income tax owed is $ (Type an integer or a decimal. Round to the nearest cent as needed.)

Use the 2016 marginal tax rates to compute the income tax owed by the following person. Single male, no dependents. Gross income:$87,000 Adjustments:$4000 Deductions:$29,000 mortgage interest $4009 property taxes $1000 charitable contributions Tax credit:none Click the icon to view the 2016 marginal tax rates. The income tax owed is $ (Type an integer or a decimal. Round to the nearest cent as needed.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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